Obamas budget plan Essay Example | Topics and Well Written Essays - 500 words

Obamas budget plan - Essay ExampleObamas budget indicates that the countrys deficit bequeathing increase this year to its highest post-World War II level, and then gradually decrease over the decade. The article indicates, however, that it impart remain at troublesome levels. Obama argues that his budget will save over $1 trillion by ending the previous administrations tax cuts and by enacting a three year outlay freeze. (the spending freeze wont include spending on health programs, national security, and veterans programs) However, the article indicates that the savings ar only, one-fifth of the size of the debt that will pile up from now to 2020.Major areas of change will occur in tax cuts. Large budget spending on military equipment will be supplanted by spending on education and civilian research. Taxes among oil companies and affluent citizens will rise. Small businesses, however, will see cock-a-hoop amounts of tax reductions over the next decade. Spending will continue on the proposed health care system and energy infrastructure.. Food and drug research and biomedical technology will also receive increased funding. While NASAs budget will be further reduced, spending on science will rise as the National Science Foundation will receive, $7.4 billion, a nearly 8 percent increase from the budget last year.While Republicans bump Obama for the rising levels of debt, he argues that his administration will still maintain its goal of reducing the deficit in half before the end of his term in office. The article indicates that spending will necessarily rise as towards the end of the decade with large amounts of retiring baby boomers. Increasing health costs are greatly centered around the Department of Health and Human Services, and the National Institute of Health, both of which are receiving multi-billion dollar increases in funding.The article contends that a design of Obamas proposed spending cuts may be difficult to enact in